Rising Crude Oil Prices, India's Retail Inflation, and Top Stocks in Action Today

Wed, 10 Jul Pre-Open

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On Tuesday, Indian share markets recovered during afternoon hours and ended their trading session on a flat note.

The BSE Sensex closed higher by 10 points to end the day at 38,731. Bajaj Finance and Sun Pharma were among the top gainers.

While the broader NSE Nifty ended down by 3 points to end at 11,556.

Among BSE sectoral indices, realty stocks gained the most by 2.8%, followed by healthcare stocks and energy stocks.

Top Stocks in Action Today

Tata Motors share price will be in focus today as the company has received an order for over 200 units of its sports utility vehicle Hexa from Bangladesh Army. The company has been selling passenger vehicles in Bangladesh since 2012.

To know more about the company, you can read Tata Motors' 2018-19 Annual report analysis on our website.

Lupin share price will also be in focus today as the company has launched Imatinib Mesylate Tablets, 100 mg (base) and 400 mg (base). Lupin's alliance partner Natco had received an approval from the United States Food and Drug Administration (USFDA) earlier.

Market participants will also track Titan share price. Shares of the company fell as much as 13% yesterday, after the company reported a lower-then-expected growth in jewellery business during Q1FY20.

The stock touched a low of Rs 1072, its biggest slide since June 2013. Reports state that the company's subdued growth for the April-June quarter was on the back of tough macroeconomic environment and weak consumption trend.

Retail Inflation at 8-Month High

India's retail inflation likely reached an eight-month high in June on rising food prices but stayed under the Reserve Bank of India's medium-term target of 4% for an eleventh straight month, a Reuters poll predicted.

Another reading below the inflation target will likely support the RBI's decision last month to cut interest rates to boost economic growth that slowed to more than a four-year low in the January-March quarter.

Food prices which account for nearly half of the inflation basket have been rising since early this year, a dramatic shift from their deflationary path in late 2018.

Some economists expect the central bank will cut rates in August for the fourth consecutive time since February to enhance liquidity.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Rising Crude Oil Prices

Oil prices rose above US$ 64 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the US-China trade dispute that is dragging on the global economy and oil demand.

OPEC and its allies last week agreed to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by the pact and tensions in the Middle East, especially concerns about Iran's nuclear program.

Rising tensions between Iran and US have brought the two countries close to conflict. Last month, President Donald Trump called off air strikes at the last minute in retaliation for Iran shooting down a US drone.

Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year.

The world's two largest oil consumers are set to relaunch trade talks this week.

Stay tuned for more updates from this space.

From the IPO Space...

In latest developments from the IPO space, Sterling and Wilson Solar Ltd (SWSL) has received approval from markets regulator to float its Rs 45 billion initial public offering (IPO).

Incorporated in March 2017 as Rashmika Energy Pvt Ltd, the Mumbai-based company offers solar engineering, procurement and construction services.

It was ranked as the world's largest solar EPC services provider in 2018 based on annual installation of utility-scale photovoltaic systems of more than five megawatt-peak.

The capital markets regulator issued its final observations on SWSL's IPO proposal on July 4, according to information available on the regulator's website.

The IPO will be an offer-for-sale by the company's Chairman Khurshed Yazdi, and Shapoorji Pallonji and company, the promoter selling shareholders.

The company had filed its draft red herring prospectus for the offer on April 15, 2019. The company's order book stood at Rs 43.1 billion as on 31 December 2018.

Speaking of IPOs, the first half of 2019 hasn't seen a lot of activity in the IPO market. There have been just 8 IPO on the main board. None of them mega-sized IPOs.

Despite lackluster activity in India's primary markets, there have been attractive money-making opportunities for attentive investors.

Ankit Shah, in his premium newsletter Insider, recommended applying to the IPO of Polycab India and the more recent IPO of IndiaMART Intermesh.

Both IPOs were subscribed many times over. And both gave handsome double-digit returns on the listing date.

At Equitymaster, we believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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Indian Share Market Update: Top Gainers and Losers